]> Press Releases--Closed-End Funds, EMF Announces Distribution
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Templeton Emerging Markets Fund ("EMF") Announces Distribution

From: Franklin Templeton Investments
Contact: Franklin Templeton Investments
Telephone:(800) 342-5236

Fort Lauderdale, Florida, October 21, 2005--Templeton Emerging Markets Fund (NYSE: EMF) today announced a year-end distribution comprised of net investment income of $0.3679 per share and long-term capital gains distribution of $1.3749 per share, payable on November 18, 2005 to shareholders of record on November 4, 2005 (Ex-Dividend Date: November 2, 2005).

The Fund's investment adviser, Templeton Asset Management Ltd., is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (NYSE: BEN), a global investment organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series and Fiduciary Trust investment teams. The San Mateo, CA-based company has more than 50 years of investment experience and over $452 billion in assets under management as of September 30, 2005. For more information, please call 1-800/DIAL BEN® (1-800-342-5236) or visit franklintempleton.com.